GSP has revised the GSPCA’s quarterly gross earnings estimate, which had forecast earnings of $15.4 billion for the quarter ending June 30, 2018.
The GSP said the revised estimate was for $16.2 billion in gross revenue.
It is the first revision to the estimate since its publication in April.
In June 2018, GSSA had forecast gross revenue of $14.3 billion.GSPCA chairman Peter Smith said the update would not have affected its forecasts, which it had been relying on since March 2019.
“This will not impact our forecast or forecast for the forecast for 2018-19,” he said.”GSPC is not forecasting any further change to its forecast for 2019-20.”
The GSSC is Australia’s main regulator of the industry, and is one of the key players in the sector’s business.GSSA’s annual profit forecasts are used to help set the rate of interest at which GSP companies can borrow to fund their businesses.
GspCA chief executive Peter Smith.
(AAP: Mark Evans)GSP said its annual gross income forecast for June was revised up to $16,300.GSCI chief executive Michael Williams said GSP’s adjusted gross income estimate for the June quarter had been revised up by $3.9 billion to $14,800.GCSB chief executive Andrew White said the adjusted gross annual income estimate had been adjusted by $5.2 million to $13,600.
“These revisions were necessary due to the significant increase in the gross revenue forecast,” Mr White said.
Greens Senator Sarah Hanson-Young said the revision was disappointing.
The revised estimate reflects our view that gross revenue is likely to remain well above expectations for the remainder of the year,” Mr Kelly said.”
The GSCI and GSP are the big three of the financial services industry and they are the only ones that have a real competitive advantage.”GSP’s gross revenue in June was up 4.6 per cent on the same month last year.GSTC chief executive officer Ian Kelly said the GSB was pleased to see the revision.
“The revised estimate reflects our view that gross revenue is likely to remain well above expectations for the remainder of the year,” Mr Kelly said.